Search results for: market microstructure

Authors: D. Tappi

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In the past decades, the idea of innovation moved from being considered the result of development to being seen as its means. Innovation and its diffusion are indeed keys to the development and economic catch-up of a country. However, the process of diffusing existing innovation in low income countries has demonstrated dependent on inadequate infrastructures and institutions. The paper examines the role of disruptive innovation in bridging the technology gap between high- and low-income countries, overcoming the lack in infrastructures and institutions. In particular, the focus of this paper goes to the role of disruptive innovation in people transportation in Nigeria. Uber, Taxify, and Smartcab are covering a small and interesting market that was underserved, between the high-end private driver markets, the personal car owners and the low-priced traditional cab and the Keke (tricycle). Indeed the small Nigerian middle class and international community have found in the sharing people transportation market a safe, reasonably priced means of transportation in Nigerian big cities. This study uses mainly qualitative data collection methods in the form of semi-structured interviews with major players and users and quantitative data analysis in the form of a survey among users in order to assess the role of these new transportation modes in shaping the market and even creating a new niche. This paper shows how the new sharing economy in people transportation is creating new solutions to old problems as well as creating new challenges for both the existing market players and institutions. By doing so, the paper shows how disruptive innovations applied to low income countries, not only can overcome the lacking infrastructure problem but could also help bridge the technology gap between those and high income countries. This contribution proves that it is indeed exactly because the market presents these obstacles that disruptive innovations can succeed in countries such as Nigeria.

Keywords: development, disruptive innovation, sharing economy, technology gap

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Authors: Nasser Alsadoun

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Today's companies in Saudi Arabian capital market must comply with strict criteria and adhere to rigid corporate governance rules and continuous disclosure requirements. Unlike other regulators in the region, decision makers of the Capital Market Authority (hereafter CMA) of Saudi Arabia believes that the announcements of economic sanctions and penalties for non-compliance firms will foster more effective regulatory compliance and hence improve the quality of financial reporting. An implied argument put forward by the opponents, however, states that such penalties are unnecessary and stated to be onerous for non-compliance firms. Over that last years, the CMA has publicly announced several economic fines levied on some listed companies for their failing to comply with corporate governance and continuous disclosure regulation clauses, with the amount of fine levied ranges between 50,000 SR to 100,000 SR for each failing. Economic theory suggests that rational investors make decisions based on a cost-benefit principal. The regulatory intervention made by CMA on the announcement of economic sanctions has been costly to the society (economy) hoping that it improves the transparency of financial statements. It is argued, therefore, that threat of regulators and economic sanctions will provide incentives for firms’ managers to report more relevant and reliable accounting information, and the benefit of such announcements is likely to be reflected in the context of the quality of the financial reports. Yet, the economic consequences of the revealed fines announcement for non-compliance firms in Saudi Arabian market have not been examined. Thus, this study attempts to empirically examine whether market participants are pricing the supposed benefits of rigid governance and disclosure rules in the Saudi market. The study employs an event study methodology to assess the impact of CMA economic sanctions announcements on the market price of non-compliance firms. The study also estimates and examines bid–ask spread behavior of violated firms around the CMA announcements. The findings indicate that the CMA fines announcements for failing to comply with governance and disclosure rules do not appear to play any significant role in securities pricing. In addition, tests of bid-ask behavior does not indicate any significant increases in information asymmetry surrounding these announcements. While the CMA has developed many goals to increase the awareness of listed companies with the best governance and disclosure practices, it seems they have to develop more goals to improve market efficiency and increase investors and public awareness.

Keywords: governance and disclosure violations, financial reporting quality, regulatory intervention, market efficiency

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Authors: P. D. Pedrosa, J. M. A. Rebello, M. P. Cindra Fonseca

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Duplex stainless steels (DSS) exhibit a biphasic microstructure consisting of austenite and delta ferrite. Their high resistance to oxidation, and corrosion, even in H2S containing environments, allied to low cost when compared to conventional stainless steel, are some properties which make this material very attractive for several industrial applications. However, several of these industrial applications imposes cyclic loading to the equipments and in consequence fatigue damage needs to be a concern. A well-known way of improving the fatigue life of a component is by introducing compressive residual stress in its surface. Shot peening is an industrial working process which brings the material directly beneath component surface in a high mechanical compressive state, so inhibiting fatigue crack initiation. However, one must take into account the fact that the cyclic loading itself can reduce and even suppress these residual stresses, thus having undesirable consequences in the process of improving fatigue life by the introduction of compressive residual stresses. In the present work, shot peening was used to introduce residual stresses in several DSS samples. These were thereafter submitted to three different fatigue regimes: low, medium and high cycle fatigue. The evolution of the residual stress during loading were then examined on both surface and subsurface of the samples. It was used the DSS UNS S31803, with microstructure composed of 49% austenite and 51% ferrite. The treatment of shot peening was accomplished by the application of blasting in two Almen intensities of 0.25 and 0.39A. The residual stresses were measured by X-ray diffraction using the double exposure method and a portable equipment with CrK radiation and the (211) diffracting plane for the austenite phase and the (220) plane for the ferrite phase. It is known that residual stresses may arise when two regions of the same material experienced different degrees of plastic deformation. When these regions are separated in respect to each other on a scale that is large compared to the material's microstructure they are called macro stresses. In contrast, microstresses can largely vary over distances which are small comparable to the scale of the material's microstructure and must balance zero between the phases present. In the present work, special attention will be paid to the measurement of residual microstresses. Residual stress measurements were carried out in test pieces submitted to low, medium and high-cycle fatigue, in both longitudinal and transverse direction of the test pieces. It was found that after shot peening, the residual microstress is tensile in the austenite and compressive in the ferrite phases. It was hypothesized that the hardening behavior of the austenite after shot peening was probably due to its higher nitrogen content. Fatigue cycling can effectively change this stress state but this effect was found to be dependent of the shot peening intensity was well as the fatigue range.

Keywords: residual stresses, fatigue, duplex steel, shot peening

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Authors: Gerrit Ter Haar, Thorsten Becker, Deborah Blaine

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The Additive Manufacturing (AM) process of Selective Laser Melting (SLM) has seen an exponential growth in sales and development in the past fifteen years. Whereas the capability of SLM was initially limited to rapid prototyping, progress in research and development (R&D) has allowed SLM to be capable of fully functional parts. This technology is still at a primitive stage and technical knowledge of the vast number of variables influencing final part quality is limited. Ongoing research and development of the sensitive printing process and post processes is of utmost importance in order to qualify SLM parts to meet international standards. Quality concerns in Ti-6Al-4V manufactured through SLM has been identified, which include: high residual stresses, part porosity, low ductility and anisotropic mechanical properties. Whereas significant quality improvements have been made through optimising printing parameters, research indicates as-produced part ductility to be a major limiting factor when compared to its wrought counterpart. This study aims at achieving an in-depth understanding of the underlining links between SLM produced Ti-6Al-4V microstructure and its mechanical properties. Knowledge of microstructural transformation kinetics of Ti-6Al-4V allows for the optimisation of post-process heat treatments thereby achieving the required process route to manufacture high quality SLM produced Ti-6Al-4V parts. Experimental methods used to evaluate the kinematics of microstructural transformation of SLM Ti-6Al-4V are: optical microscopy and electron backscatter diffraction. Results show that a low-temperature heat treatment is capable of transforming the as-produced, martensitic microstructure into a duel-phase microstructure exhibiting both a high strength and improved ductility. Furthermore, isotropy of mechanical properties can be achieved through certain annealing routes. Mechanical properties identical to that of wrought Ti-6Al-4V can, therefore, be achieved through an optimised process route.

Keywords: EBSD analysis, heat treatments, microstructural characterisation, selective laser melting, tensile behaviour, Ti-6Al-4V

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Authors: Abdolreza Heidari Noosh Abad, Amir Abedi, Davood Mirahmadi khaki

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The high strength and flexibility of TRIP steels are the major reasons for them being widely used in the automobile industry. Deep drawing is regarded as a common metal sheet manufacturing process is used extensively in the modern industry, particularly automobile industry. To investigate the potential of deep drawing characteristic of materials, steel sheet anisotropy is studied and expressed as R-Value. The TRIP steels have a multi-phase microstructure consisting typically of ferrite, bainite and retained austenite. The retained austenite appears to be the most effective phase in the microstructure of the TRIP steels. In the present research, Taguchi method has been employed to study investigates the effect of austempering temperature parameters on the anisotropy property of the TRIP steel. To achieve this purpose, a steel with chemical composition of 0.196C -1.42Si-1.41Mn, has been used and annealed at 810oC, and then austempered at 340-460oC for 3, 6, and 9 minutes. The results shows that the austempering temperature has a direct relationship with R-value, respectively. With increasing austempering temperature, residual austenite grain size increases as well as increased solubility, which increases the amount of R-value. According to the results of the Taguchi method, austempering temperature’s p-value less than 0.05 is due to effective on R-value.

Keywords: Taguchi method, hot rolling, thermomechanical process, anisotropy, R-value

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Authors: Burak Bal

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Mechanical characterization tests might come with a remarkable cost of time and money for both companies and academics. The inquiry to transform laboratory experiments to the computational media is getting a trend; accordingly, the literature supplies many analytical ways to explain the mechanics of deformation. In our work, we focused on the crystal plasticity finite element modeling (CPFEM) analysis on various materials in various crystal structures to predict the stress-strain curve without tensile tests. For FEM analysis, which we used in this study was ABAQUS, a standard user-defined material subroutine (UMAT) was prepared. The geometry of a specimen was created via DREAM 3D software with the inputs of Euler angles taken by Electron Back-Scattered Diffraction (EBSD) technique as orientation, or misorientation angles. The synthetic crystal created with DREAM 3D is also meshed in a way the grains inside the crystal meshed separately, and the computer can realize interaction of inter, and intra grain structures. The mechanical deformation parameters obtained from the literature put into the Fortran based UMAT code to describe how material will response to the load applied from specific direction. The mechanical response of a synthetic crystal created with DREAM 3D agrees well with the material response in the literature.

Keywords: crystal plasticity finite element modeling, ABAQUS, Dream.3D, microstructure

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Authors: Hannes Koester

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Driven by difficult market conditions and increasing regulations, many banks are making the strategic decision to restructure their portfolio by divesting several business segments. Using a unique dataset of 727 portfolio restructuring announcements by 161 international listed banks over the period 1999 to 2015, we investigate the impact of restructuring measurements on the stock performance as well as on the banks’ profitability and risk. Employing the event study methodology, we detect positive stock market reactions on the announcement of restructuring measurements. These positive stock market reactions indicate that shareholders reward banks’ specialization activities. However, the results of the system GMM regressions show a negative relation between restructuring measurements and banks’ return on assets and a positive relation towards the individual and systemic risk of banks. These empirical results indicate that there is no guarantee that portfolio restructurings will result in a more profitable and less risky institution.

Keywords: bank performance, bank risk, divestiture, restructuring, systemic risk

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Authors: Christian C. Vaso, Rinlee Butch M. Cervera

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One of the most promising anode materials for solid oxide electrolysis cell (SOEC) application is the Sr-doped LaMnO₃ (LSM) which is known to have a high electronic conductivity but low ionic conductivity. To increase the ionic conductivity or diffusion of ions through the anode, Yttria-stabilized Zirconia (YSZ), which has good ionic conductivity, is proposed to be combined with LSM to create a composite electrode and to obtain a high mixed ionic and electronic conducting anode. In this study, composite of lanthanum strontium manganite and YSZ oxide, La_0.8Sr_0.2MnO₃/Zr_0.92Y_0.08O₂ (LSM/YSZ), with different wt.% compositions of LSM and YSZ were synthesized using solid-state reaction. The obtained prepared composite samples of 60, 50, and 40 wt.% LSM with remaining wt.% of 40, 50, and 60, respectively for YSZ were fully characterized for its microstructure by using powder X-ray diffraction (XRD), Thermogravimetric analysis (TGA), Fourier transform infrared (FTIR), and Scanning electron microscope/Energy dispersive spectroscopy (SEM/EDS) analyses. Surface morphology of the samples via SEM analysis revealed a well-sintered and densified pure LSM, while a more porous composite sample of LSM/YSZ was obtained. Electrochemical impedance measurements at intermediate temperature range (500-700 °C) of the synthesized samples were also performed which revealed that the 50 wt.% LSM with 50 wt.% YSZ (L50Y50) sample showed the highest total conductivity of 8.27x10^-1 S/cm at 600 ^oC with 0.22 eV activation energy.

Keywords: ceramics, microstructure, fuel cells, electrochemical impedance spectroscopy

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Authors: Mohammad Khattak, Bikash Adhikari, Sambodh Adhikari

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This research deals with the physical, microstructural, mechanical, and shrinkage characteristics of flyash-based soil-geopolymer mixtures. Medium and high plastic soils were obtained from local construction projects. Class F flyash was used with a mixture of sodium silicate and sodium hydroxide solution to develop soil-geopolymer mixtures. Several mixtures were compacted, cured at different curing conditions, and tested for unconfined compressive strength (UCS), linear shrinkage, and observed under scanning electron microscopy (SEM). The results of the study demonstrated that the soil-geopolymer mixtures fulfilled the UCS criteria of cement treated design (CTD) and cement stabilized design (CSD) as recommended by the department of transportation for pavement base and subbase layers. It was found that soil-geopolymer demonstrated either similar or better UCS and shrinkage characteristics relative to conventional soil-cement mixtures. The SEM analysis revealed that microstructure of soil-geopolymer mixtures exhibited development and steady growth of geopolymerization during the curing period. Based on mechanical, shrinkage, and microstructural characteristics it was suggested that the soil-geopolymer mixtures, has an immense potential to be used as pavement subgrade, subbase, and base layers.

Keywords: soil-geopolymer, pavement base, soil stabilization, unconfined compressive strength, shrinkage, microstructure, and morphology

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Authors: Shamil Mardi Al Islam, Zaima Ahmed

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The aim of this article is to explore whether certain macroeconomic variables such as industrial index, inflation, broad money, exchange rate and deposit rate as a proxy for interest rate are interlinked with Dhaka stock price index (DSEX index) precisely after the introduction of new index by Dhaka Stock Exchange (DSE) since January 2013. Bangladesh stock market has experienced rapid growth since its inception. It might not be a very well-developed capital market as compared to its neighboring counterparts but has been a strong avenue for investment and resource mobilization. The data set considered consists of monthly observations, for a period of four years from January 2013 to June 2018. Findings from cointegration analysis suggest that DSEX and macroeconomic variables have a significant long-run relationship. VAR decomposition based on VAR estimated indicates that money supply explains a significant portion of variation of stock index whereas, inflation is found to have the least impact. Impact of industrial index is found to have a low impact compared to the exchange rate and deposit rate. Policies should there aim to increase industrial production in order to enhance stock market performance. Further reasonable money supply should be ensured by authorities to stimulate stock market performance.

Keywords: deposit rate, DSEX, industrial index, VAR

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Authors: Zuk Nechemia Turbovich

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This paper introduces DoD, a contextual spiral model that describes the lifecycle of products intended for manufacturing using Personal 3D Printers (P3DP). The study is based on a review of the desktop P3DPs market that shows that the combination of digital connectivity, coupled with the potential ownership of P3DP by home users, is radically changing the form of the product lifecycle, comparatively to familiar lifecycle paradigms. The paper presents the change in the design process, considering the characterization of product types in the P3DP market and the possibility of having a direct dialogue between end-user and product designers. The model, as an updated paradigm, provides a strategic perspective on product design and tools for success, understanding that design is subject to rapid and continuous improvement and that products are subject to repair, update, and customization. The paper will include a review of real cases.

Keywords: lifecycle, mass-customization, personal 3d-printing, user involvement

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Authors: Hooshang Mohammad Alikhani, Javad Nikoukar

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Restructuring and deregulation of power industry have changed the objectives of transmission expansion planning and increased the uncertainties. Due to these changes, new approaches and criteria are needed for transmission planning in deregulated power systems. The objective of this research work is to present a new approach for transmission expansion planning with considering new objectives and uncertainties in deregulated power systems. The approach must take into account the desires of all stakeholders in transmission expansion planning. Market based criteria must be defined to achieve the new objectives. Combination of market based criteria, technical criteria and economical criteria must be used for measuring the goodness of expansion plans to achieve market requirements, technical requirements, and economical requirements altogether.

Keywords: deregulated power systems, transmission network, stakeholder, energy systems

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Authors: Sijia Hu

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Tensile creep tests were performed along the normal direction on the as-solutioned (AS) and as-aged (AA) samples of a commercial ZK60 alloy in this work. The results showed that the AA sample obtained a stronger 0.2% proof stress but a poorer creep resistance in comparison to the AS sample. It was revealed that the creep deformation in the AS sample was attributed to basal slip and twinning, while the creep behavior of the AA sample was controlled by basal slip, pyramidal slip and twinning. Besides, the reasons for the poorer creep resistance of the AA sample were unveiled. Pyramidal dislocations towards various moving directions were found to accelerate the creep deformation, and basal dislocations kinking at twin boundaries were found to induce heavy stress concentration. Furthermore, massive dynamic precipitates, including beta 1 prime and beta 2 prime types, were formed in the AS sample during the creep exposure, contributing to the superior creep resistance. But in the AA sample, plentiful beta 1 prime and beta 2 prime phases generated during the prior peak-aging treatment dissolved into the matrix fast and only beta 1 prime re-precipitated during the creep process. With the decreased area fractions of precipitates, the age-hardening effect slacked off and failed to enhance the creep resistance.

Keywords: Mg alloy, creep, precipitation, microstructure

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Authors: Amitesh Goswami, Vishal Gulati, Annu Yadav

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In this paper, WEDM has been used to investigate the machining characteristics of Inconel-625 alloy. The machining characteristics namely material removal rate (MRR) and surface roughness (SR) have been investigated along with surface microstructure analysis using SEM and EDS of the machined surface. Taguchi’s L27 Orthogonal array design has been used by considering six varying input parameters viz. Pulse-on time (Ton), Pulse-off time (Toff), Spark Gap Set Voltage (SV), Peak Current (IP), Wire Feed (WF) and Wire Tension (WT) for the responses of interest. It has been found out that Pulse-on time (Ton) and Spark Gap Set Voltage (SV) are the most significant parameters affecting material removal rate (MRR) and surface roughness (SR) are. Microstructure analysis of workpiece was also done using Scanning Electron Microscope (SEM). It was observed that, variations in pulse-on time and pulse-off time causes varying discharge energy and as a result of which deep craters / micro cracks and large/ small number of debris were formed. These results were helpful in studying the effects of pulse-on time and pulse-off time on MRR and SR. Energy Dispersive Spectrometry (EDS) was also done to check the compositional analysis of the material and it was observed that Copper and Zinc which were initially not present in the Inconel 625, later migrated on the material surface from the brass wire electrode during machining

Keywords: MRR, SEM, SR, taguchi, Wire Electric Discharge Machining

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Authors: Abdulla D. Alblooshi

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The stock market is a representation of human behavior and psychology, such as fear, greed, and discipline. Those are manifested in the form of price movements during the trading sessions. Therefore, predicting the stock movement and prices is a challenging effort. However, those trading sessions produce a large amount of data that can be utilized to train an AI agent for the purpose of predicting the stock movement. Predicting the stock market price action will be advantageous. In this paper, the stock movement data of three DFM listed stocks are studied using historical price movements and technical indicators value and used to train an agent using KNN and SVM methods to predict the future price movement. MATLAB Toolbox and a simple script is written to process and classify the information and output the prediction. It will also compare the different learning methods and parameters s using metrics like RMSE, MAE, and R².

Keywords: KNN, ANN, style, SVM, stocks, technical indicators, RSI, MACD, moving averages, RMSE, MAE

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Authors: Morteza Hadi

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This research investigates the potential enhancement of the rollability of Cu-Ge-Ni alloy through the mitigation of microstructural and compositional inhomogeneities via two distinct heat treatment methods: homogenization and solution treatment. To achieve this objective, the alloy with the desired composition was fabricated using a vacuum arc remelting furnace (VAR), followed by sample preparation for microstructural, compositional, and heat treatment analyses at varying temperatures and durations. Characterization was conducted employing optical and scanning electron microscopy (SEM), X-ray diffraction (XRD), and Vickers hardness testing. The results obtained indicate that a minimum duration of 10 hours is necessary for adequate homogenization of the alloy at 750°C. This heat treatment effectively removes coarse dendrites from the casting microstructure and significantly reduces elemental separations. However, despite these improvements, the presence of a second phase with markedly different hardness from the matrix results in poor rolling ability for the alloy. The optimal time for solution treatment at various temperatures was determined, with the most effective cycle identified as 750°C for 2 hours, followed by rapid quenching in water. This process induces the formation of a single-phase microstructure and complete elimination of the second  phase, as confirmed by X-ray diffraction analysis. Results demonstrate a reduction in hardness by 30 Vickers, and the elimination of microstructural unevenness enables successful thickness reduction by up to 50% through rolling without encountering cracking.

Keywords: Cu-Ge-Ni alloy, homogenization. solution treatment, rollability

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Authors: David E. Esezobor, Friday I. Apeh, Harrison O. Onovo, Ademola A. Agbeleye

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Available indigenous refractory bricks in Nigeria can only be used in the lining of furnaces for melting of cast iron operating at less than 1,400°C or in preheating furnaces due to their low refractoriness less than 1,500°C. The bricks crack and shatter on heating at 1350 to 1450°C. In this paper, a simple and adaptable technology of manufacturing high-quality refractory bricks from selected Nigerian clays for furnace linings was developed. Fireclays from Onibode, Owode-Ketu in Ogun State and Kwoi in Kaduna State were crushed, ground, and sieved into various grain sizes using standard techniques. The pulverized clays were blended with alumina in various mix ratios and indurated in the furnace at 900 – 16000C. Their chemical, microstructure and mineralogical properties were characterized using atomic absorption spectrophotometry, scanning electron microscopy and x-ray diffraction spectrometry respectively. The mineralogical and spectrochemical analyses suggested that the clays are of siliceous alumino-silicate and acidic in nature. The appropriate blending of fireclays with alumina provided the tremendous improvement in the refractoriness of the bricks and other acceptable service properties comparable with imported refractory bricks. The change in microstructure from pseudo-hexagonal grains to equiaxed grains of well – ordered sequence of structural layers could be responsible for the improved properties.

Keywords: alumina, furnace, industry, manufacturing, refractoriness

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Authors: Chun-Ying Lee, Kuan-Hui Cheng, Mei-Wen Wu

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The nickel-manganese (Ni-Mn) alloy coating prepared from DC electrodeposition process in sulphamate bath was studied. The effects of process parameters, such as current density and electrolyte composition, on the cathodic current efficiency, microstructure, internal stress and mechanical properties were investigated. Because of its crucial effect on the application to the electroforming of microelectronic components, the development of low internal stress coating with high leveling power was emphasized. It was found that both the coating’s manganese content and the cathodic current efficiency increased with the raise in current density. In addition, the internal stress of the deposited coating showed compressive nature at low current densities while changed to tensile one at higher current densities. Moreover, the metallographic observation, X-ray diffraction measurement, transmission electron microscope (TEM) examination, and polarization curve measurement were conducted. It was found that the Ni-Mn coating consisted of nano-sized columnar grains and the maximum hardness of the coating was associated with (111) preferred orientation in the microstructure. The grain size was refined along with the increase in the manganese content of the coating, which accordingly, raised its hardness and mechanical tensile strength. In summary, the Ni-Mn coating prepared at lower current density of 1-2 A/dm2 had low internal stress, high leveling power, and better corrosion resistance.

Keywords: Ni-Mn coating, DC plating, internal stress, leveling power

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Authors: Muhammad Khaliqi, Amzul Rifin, Andriyono Kilat Adhi

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The non-tariff policy could make Indonesian shrimp exports decrease in the international market. This research was aimed to analyze factors affecting Indonesia's exports of shrimp and the impact of SPS and TBT policy on Indonesian shrimp. Factors affecting the exports of Indonesian shrimp were estimated using gravity model. The results showed the GDP of exporters and exchange rate, have a negative influence against the export of Indonesia’s shrimp exports. The GDP of the importers and trade cost have a positive influence against the export of shrimp Indonesia while the SPS policy and TBT don’t affect Indonesia's exports of shrimp in the international market.

Keywords: gravity model, international trade, non-tariff measure, sanitary and phytosanitary, shrimp, technical barriers to trade

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Authors: A. M. Aminazad, A. M. Hadian, F. Ghasimakbari

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DHP (Deoxidized High Phosphorus )copper is widely used in various heat transfer units such as, air conditioners refrigerators, evaporators and condensers. Copper sheets and tubes (ISODHP) were brazed with four different brazing alloys. Corrosion resistances of the joints were examined by polarization and salt spray tests. The selected fillers consisted of three silver-based brazing alloys (hard solder); AWS-BCu5 BAg8, DINLAg30, and a copper-based filler AWS BCuP2. All the joints were brazed utilizing four different brazing processes including furnace brazing under argon, vacuum, air atmosphere and torch brazing. All of the fillers were used with and without flux. The microstructure of the brazed sheets was examined using both optical and scanning electron microscope (SEM). Hardness and leak tests were carried out on all the brazed tubes. In all three silver brazing alloys selective and galvanic corrosion were observed in filler metals, but in copper phosphor alloys the copper adjacent to the joints were noticeably corroded by pitting method. Microstructure of damaged area showed selective attack of copper lamellae as well. Interfacial attack was observed along boundaries as well as copper attack within the filler metal itself. It was found that the samples brazed with BAg5 filler metal using vacuum furnace show a higher resistance to corrosion. They also have a good ductility in the brazed zone.

Keywords: copper, brazing, corrosion, filler metal

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Authors: Zofia Romanowska

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Recently there have been significant changes in the Polish energy market. Due to the government's decision to strengthen energy security as well as to strengthen the implementation of the European Union common energy policy, the Polish energy market has been undergoing significant changes. In the face of these, it is necessary to answer the question about the direction the Polish energy rationing sector is going, how wide apart the powers of the state are and also whether the real regulator of energy projects in Poland is not in fact the European Union itself. In order to determine the role of the state as a regulator of the energy market, the study analyses the basic instruments of regulation, i.e. the licenses, permits and permissions to conduct various activities related to the energy market, such as the production and sale of liquid fuels or concessions for trade in natural gas. Bearing in mind that Polish law is part of the widely interpreted European Union energy policy, the legal solutions in neighbouring countries are also being researched, including those made in Germany, a country which plays a key role in the shaping of EU policies. The correct interpretation of the new legislation modifying the current wording of the Energy Law Act, such as obliging the entities engaged in the production and trade of liquid fuels (including abroad) to meet a number of additional requirements for the licensing and providing information to the state about conducted business, plays a key role in the study. Going beyond the legal framework for energy rationing, the study also includes a legal and economic analysis of public and private goods within the energy sector and delves into the subject of effective remedies. The research caused the relationships between progressive rationing introduced by the legislator and the rearrangement rules prevailing on the Polish energy market to be taken note of, which led to the introduction of greater transparency in the sector. The studies refer to the initial conclusion that currently, despite the proclaimed idea of liberalization of the oil and gas market and the opening of market to a bigger number of entities as a result of the newly implanted changes, the process of issuing and controlling the conduction of the concessions will be tightened, guaranteeing to entities greater security of energy supply. In the long term, the effect of the introduced legislative solutions will be the reduction of the amount of entities on the energy market. The companies that meet the requirements imposed on them by the new regulation to cope with the profitability of the business will in turn increase prices for their services, which will be have an impact on consumers' budgets.

Keywords: license, energy law, energy market, public goods, regulator

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Authors: M. T. Z. Butt, T. Ahmad, N. A. Siddiqui

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Commercially SA 516 Grade 70 is frequently used for the manufacturing of pressure vessels, boilers and storage tanks etc. in fabrication industry. Heat input is the major parameter during welding that may bring significant changes in the microstructure as well as the mechanical properties. Different welding technique has different heat input rate per unit surface area. Materials with large thickness are dealt with different combination of welding techniques to achieve required mechanical properties. In the present research two schemes: Scheme 1: SMAW (Shielded Metal Arc Welding) & GTAW (Gas Tungsten Arc Welding) and Scheme 2: SMAW & SAW (Submerged Arc Welding) of hybrid welding techniques have been studied. The purpose of these schemes was to study hybrid welding effect on the microstructure and mechanical properties of the weldment, heat affected zone and base metal area. It is significant to note that the thickness of base plate was 12 mm, also welding conditions and parameters were set according to ASME Section IX. It was observed that two different hybrid welding techniques performed on two different plates demonstrated that the mechanical properties of both schemes are more or less similar. It means that the heat input, welding techniques and varying welding operating conditions & temperatures did not make any detrimental effect on the mechanical properties. Hence, the hybrid welding techniques mentioned in the present study are favorable to implicate for the industry using the plate thickness around 12 mm thick.

Keywords: grade 70, GTAW, hybrid welding, SAW, SMAW

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Authors: Suresh Vidyasagar Chevuri, D. B. Karunakar Chevuri

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The main advantages of 'Metal Matrix Nano Composites (MMNCs)' include excellent mechanical performance, good wear resistance, low creep rate, etc. The method of fabrication of MMNCs is quite a challenge, which includes processing techniques like Spark Plasma Sintering (SPS), etc. The objective of the present work is to fabricate aluminum based MMNCs with the addition of small amounts of yttrium using Spark Plasma Sintering and to evaluate their mechanical and microstructure properties. Samples of 2024 AA with yttrium ranging from 0.1% to 0.5 wt% keeping 1 wt% TiB2 constant are fabricated by Spark Plasma Sintering (SPS). The mechanical property like hardness is determined using Vickers hardness testing machine. The metallurgical characterization of the samples is evaluated by Optical Microscopy (OM), Field Emission Scanning Electron Microscopy (FE-SEM) and X-Ray Diffraction (XRD). Unreinforced 2024 AA sample is also fabricated as a benchmark to compare its properties with that of the composite developed. It is found that the yttrium addition increases the above-mentioned properties to some extent and then decreases gradually when yttrium wt% increases beyond a point between 0.3 and 0.4 wt%. High density is achieved in the samples fabricated by spark plasma sintering when compared to any other fabrication route, and uniform distribution of yttrium is observed.

Keywords: spark plasma sintering, 2024 AA, yttrium addition, microstructure characterization, mechanical properties

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Authors: A. Almubrad, R. Clouse, A. Aljlaoud

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Organizational culture (OC) is recognized to have an influence on the propensity of organizations to innovate. It is also presumed that it may impede the innovation process from thriving within the organization. Investigating the role organizational culture plays in enabling or inhibiting innovation merits exploration to investigate organizational cultural attributes necessary to reach innovation goals. This study aims to investigate a preliminary matching heuristic of OC attributes to the type of innovation that has the potential to thrive within those attributes. A mixed methods research approach was adopted to achieve the research aims. Accordingly, participants from a national telecom company in Saudi Arabia took the Organizational Culture Assessment Instrument (OCAI). A further sample selected from the respondents’ pool holding the role of managing directors was interviewed in the qualitative phase. Our study findings reveal that the market culture type has a tendency to adopt radical innovations to disrupt the market and to preserve its market position. In contrast, we find that the adhocracy culture type tends to adopt the incremental innovation type and found this tends to be more convenient for employees due to its low levels of uncertainty. Our results are an encouraging indication that matching organizational culture attributes to the type of innovation aids in innovation management. This study carries limitations while drawing its findings from a limited sample of OC attributes that identify with the adhocracy and market culture types. An extended investigation is merited to explore other types of organizational cultures and their optimal innovation types.

Keywords: incremental innovation, radical innovation, organization culture, market culture, adhocracy culture, OACI

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Authors: Chih-Hsiang Chang, Chia-Ching Tsai

Abstract:

The aim of this study is to examine the stock price effect of the enterprises being classified as socially responsible. We explore the stock price response to the announcement that an enterprise is selected for the Taiwan Corporate Sustainability Awards. Empirical results indicate that the announcements of the Taiwan Corporate Sustainability Awards provide useful informational content to stock market. We find the evidence of insignificantly positive short-term and significantly positive long-term price reaction to the enterprises being classified as socially responsible. This study concludes that investors in the Taiwan stock market tend to view an enterprise being selected for the Taiwan Corporate Sustainability Awards as one with superior quality and long-term price potential.

Keywords: corporate social responsibility, stock price effect, Taiwan stock market, investments

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Authors: Kolesnik Nadezda A.

Abstract:

The research aims to elaborate inter-organizational network relationships management model to maximize value co-creation. We propose a network management framework that requires evaluation of network partners with respect to their position and role in network; and elaboration of appropriate relationship development strategy with partners in network. Empirical research and approval is based on the case study method, including structured in-depth interviews with the companies from b2b market.

Keywords: inter-organizational networks, value co-creation, model, B2B market

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Authors: Mehmet Şimşek

Abstract:

In the rapidly changing market conditions, it is getting harder to survive without adapting new abilities. Technology and globalization have enabled foreign producers to enter into national markets, even local ones. For this reason there is now big competition among production companies for market share. Furthermore, competition has provided customer with broad range of options to choose from. To be able to survive in this environment, companies need to produce at low price and at high quality. The best way to succeed this is the efficient use of supply chain management that has started to get shaped by the needs of customers and the environment.

Keywords: cycle time, logistics, outsourcing, production, supply chain

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Authors: Godwin Chigozie Okpara, Eugine Iheanacho

Abstract:

The paper set out to assess the sustainability of debt in the Nigerian economy. Precisely, it sought to determine the level of debt sustainability and its impact on the growth of the economy; whether internationalization of capital market has positively influenced debt sustainability’s impact on economic growth; and to ascertain the direction of causality between external debt sustainability and the growth of GDP. In the light of these objectives, ratio analysis was employed for the determination of debt sustainability. Our findings revealed that the periods 1986 – 1994 and 1999 – 2004 were periods of severe unsustainable borrowing. The unit root test showed that the variables of the growth model were integrated of order one, I(1) and the cointegration test provided evidence for long run stability. Considering the dawn of internationalization of capital market, the researcher employed the structural break approach using Chow Breakpoint test on the vector error correction model (VECM). The result of VECM showed that debt sustainability, measured by debt to GDP ratio exerts negative and significant impact on the growth of the economy while debt burden measured by debt-export ratio and debt service export ratio are negative though insignificant on the growth of GDP. The Cho test result indicated that internationalization of capital market has no significant effect on the debt overhang impact on the growth of the Economy. The granger causality test indicates a feedback effect from economic growth to debt sustainability growth indicators. On the bases of these findings, the researchers made some necessary recommendations which if followed religiously will go a long way to ameliorating debt burdens and engendering economic growth.

Keywords: debt sustainability, internalization, capital market, cointegration, chow test

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Authors: M. B. Neace, Xin GAo

Abstract:

Small entrepreneurs are ubiquitous. Regardless of location their success depends on several behavioral characteristics and several market conditions. In this concept paper, we extend this paradigm to include elements from the science of chaos. Our observations, research findings, literature search and intuition lead us to the proposition that all entrepreneurs seek increasing returns, as did the many small entrepreneurs we have interviewed over the years. There will be a few whose initial perturbations may create tsunami-like waves of increasing returns over time resulting in very large market consequences–the butterfly impact. When small entrepreneurs perturb the market-place and their initial efforts take root a series of phase-space transitions begin to occur. They sustain the stream of increasing returns by scaling up. Chaos theory contributes to our understanding of this phenomenon. Sustaining and nourishing increasing returns of small entrepreneurs as complex adaptive systems requires scaling. In this paper we focus on the most critical element of the small entrepreneur scaling process–the mindset of the owner-operator.

Keywords: entrepreneur, increasing returns, scaling, chaos

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Authors: Prashant Parhad, Vinayak Dakre, Ajay Likhite, Jatin Bhatt

Abstract:

This work mainly focuses on machinability studies of Austempered Ductile Iron (ADI). The Ductile Iron (DI) was austempered at 250 oC for different durations and the process window for austempering was established by studying the microstructure. The microstructural characterization of the material was done using optical microscopy, SEM and XRD. The samples austempered as per the process window were then subjected to turning using a TiAlN-coated tungsten carbide insert to study the effect of cutting parameters, namely the cutting speed and the depth of cut. The effect was investigated in terms of cutting forces required as well as the surface roughness obtained. The turning was conducted on a CNC turning machine and primary (Fx), radial (Fy) and feed (Fz) cutting forces were quantified with a three-component dynamometer. It was observed that the magnitude of radial force was more than that of primary cutting force for all cutting speed and for various depths of cut studied. It has also been seen that increasing the cutting speed improves the surface quality. The observed machinability behaviour was investigated in light of the microstructure of the material obtained under the given austempering conditions and a structure-property- co-relation was established between the two. For all cutting speed and depth of cut, the best machining response in terms of cutting forces and surface quality was obtained towards the centre of process window.

Keywords: process window, cutting speed, depth of cut, surface roughness

Procedia PDF Downloads 349